China Shuts Down Software Maker Over Suspected Crypto Activity, Issues Industry-Wide Warning – Bitcoin Regulations News – .

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China Shuts Down Software Maker Over Suspected Crypto Activity, Issues Industry-Wide Warning – Bitcoin Regulations News – .


The People’s Bank of China (PBOC), the country’s central bank, has shut down a software company for alleged involvement in cryptocurrency transactions. The central bank also warned organizations not to “provide premises, commercial signage, advertising … and other services for cryptocurrency-related business activities.”

  • China’s central bank on Tuesday warned companies against helping cryptocurrency-related businesses as it shut down a software company over alleged involvement in crypto transactions, AFP reported.
  • The Beijing office of the central bank of China has ordered the shutdown of a software company called Beijing Qudao Cultural Development. The central bank alleged that the company was involved in providing software services for cryptocurrency transactions.
  • The central bank says the shutdown was necessary “to prevent and control the risk of speculation in virtual currency transactions and protect the safety of public assets.”
  • The bank also warned organizations not to “provide premises, commercial signage, advertising … and other services for cryptocurrency-related business activities.”
  • The PBOC recently asked financial and payment institutions not to provide cryptocurrency-related services to customers.
  • The announcement came shortly after Chinese provinces including Sichuan, Inner Mongolia and Qinghai shut down cryptocurrency mining farms, forcing miners to move their operations overseas.

What do you think of China’s shutdown of a software company due to alleged involvement in crypto transactions? Let us know in the comments section below.

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